Smart Materials Market Size, Share, Growth Analysis, By Product (Piezoelectric Materials, Shape Memory Materials), By Application (Actuators & Motors, Transducers), By Region - Industry Forecast 2024-2031

Smart Materials Market Driver

• Piezoelectric smart materials are used in the aerospace sector to guide and maintain airflow over an aircraft's wings during takeoff and landing. Additionally, these materials have a reputation for being able to manage common aviation problems like engine vibration, loud cabin noise, ice buildup on wings, turbulence-induced flow separation, and cold-weather control surfaces. Airlines are expected to replace older planes with more fuel-efficient models and expand their fleets to accommodate the continued expansion in air travel across established and emerging nations. Over the past ten years, passenger air travel increased at a yearly rate of 6.5%, far higher than the long-term average of 5%.
• As manufacturing techniques have advanced and better materials have been used, the application of smart materials has increased across a range of end-user industries. The applications of smart materials are expected to rise significantly, and they will be crucial to the market's expansion. The impact is therefore expected to be substantial during the expected time frame. Numerous industrial applications have been realised for materials including piezoelectric, shape memory, electrostrictive, magnetostrictive, phase change, and electrochromic in recent years. In addition, ferromagnetic shape memory alloys, electroactive polymers, conductive polymers, and carbon nanotube actuators are only a few examples of the emerging materials with enormous market potential.

Smart Materials Market Restraint

• Numerous industries, including small and medium-sized enterprises (SMEs), are currently falling behind due to the high cost of smart materials. Throughout the projection period, a number of initiatives and programmes focused at motivating companies to utilise and invest in smart materials are expected to have an impact.
• Key players in the smart materials market are expected to invest heavily in R&D in order to introduce effective products and stay ahead of the competition due to the increased demand for better smart materials and products from a variety of industries, including construction, manufacturing, and automotive.
• On the other hand, the lack of experience in developing systems based on smart materials has hindered market expansion. The product's economic potential has also been constrained by end users' ignorance, which is expected to impede market expansion during the projected period. However, it is expected that research and innovation initiatives backed by the government and academic institutions will speed up the product's widespread industrialization.
• The primary barrier to the development of smart materials is the cost of manufacturing large quantities for several applications at efficient yields. The expansion of the market for smart materials is constrained by high production costs and exorbitant R&D expenses.